Offer for Costa

Details

May 16, 1997

Carnival Corporation and Airtours have made a tender offer to acquire all the outstanding shares of Costa Crociere.

Carnival and Airtours have previously announced that they have signed agreements with the controlling shareholders of Costa under which they intended to acquire 100 percent of the issued share capital. The offer is open for acceptance from May 16 until June 6 (1997).

Assuming full acceptance of the offer, Carnival and Airtours will each acquire 50 percent of Costa for a total of approximately $285 million.